WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the Bureau of Labor Statistics released the jobs report, showing the economy beat expectations and created 228,000 new jobs last month:

“Under President Trump, the private sector is the one creating jobs instead of the federal government wasting hard-earned taxpayer dollars on ever more bureaucrats. President Trump’s trade policies and the prospects of a tax code more beneficial for small businesses and employers are attracting more investment that will spur even more job creation. That was the effect of the 2017 Trump tax cuts. A 20 percent bump in investment led to 5 million new jobs including in communities ravaged by economic decline from unfair trade agreements. History is repeating itself with more than $4 trillion in new investment announced since Inauguration Day. Robust tax relief and deregulation coupled with the Trump Administration’s new reciprocal tariffs are the winning formula that will support jobs and small businesses here at home by leveling the playing field for American workers and manufacturers. To continue rebuilding the economy and creating jobs, Congress must quickly pass one, big beautiful bill and extend the successful Trump tax cuts. Working families, small businesses, and farmers need certainty today that their taxes will not go up at the end of this year. President Trump and Republicans are committed to policies that help Americans earn a decent living and achieve the American Dream.”

Extending the Trump Tax Cuts
Long-term extension of the 2017 Trump tax cuts will fuel significant economic growth and prosperity. 

• 1 million new jobs created by small businesses if the 20 percent small business deduction is made permanent. 
• $150 billion in economic growth from permanent extension of the 20 percent small business deduction. 
• $284 billion of new economic growth from American manufacturers. 
• $50 billion in new investment in Opportunity Zones, which represent the poorest neighborhoods and communities in the country. 

Key Policies from the Trump Tax Cuts Set to Expire if Congress Fails to Act:

• 6 million jobs will be lost if the tax cuts are not extended.
• The average taxpayer would see a 22 percent tax hike if the Trump tax cuts expire.
• A family of four making $80,610, the median income in the United States, would see a $1,695 tax increase if the Trump tax cuts expire.
  • This is worth about 9 weeks of groceries to a typical family of four across the country.
• 40 million families would see their household’s Child Tax Credit cut in half.
• 91 percent of all taxpayers would see their guaranteed deduction slashed in half. 
• 26 million small businesses would be hit with a 43.4 percent top tax rate if the Section 199A Small Business Deduction expires.
• 7 million taxpayers would be impacted by the return of the Alternative Minimum Tax.
• 2 million family-owned farms would have their Death Tax Exemption slashed in half next year.